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S&P affirms Ghana’s “B-/B” credit ratings with stable outlook
September 28, 2026
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S&P affirms Ghana’s “B-/B” credit ratings with stable outlook

Money
Policy
Growth

Key Points

  • S&P Global affirmed Ghana’s credit ratings at “B-/B” for Long- and Short-Term Foreign and Local currency, with the credit outlook reviewed to stable.
  • The “B-/B” rating signifies a non-investment grade (speculative or junk) category, indicating high credit risk and vulnerability to default.
  • The affirmation is attributed to the expanding gold sector benefiting external metrics, economic resilience, and ongoing fiscal reforms anchored by an IMF policy coordination instrument.
  • S&P raised concerns about the Bank of Ghana’s weakened financial position due to rapid foreign currency reserve accumulation via gold exports, requiring significant recapitalization, and elevated fiscal costs of the Ghana Gold Board (GoldBod).
  • A potential downgrade within 12-18 months could occur if debt refinancing is strained, deficits rise, public debt costs increase, terms of trade deteriorate, or the G20 Common Framework debt restructuring process stalls.

Why This Matters

This credit rating affirmation with a stable outlook, despite remaining in the speculative category, provides a mixed signal for Ghana. It acknowledges some positive steps like gold sector expansion and fiscal reforms, which can help maintain investor confidence and potentially reduce borrowing costs. However, the persistent concerns about the Bank of Ghana's financial health and the high costs associated with GoldBod highlight underlying vulnerabilities that could impede long-term economic stability and growth.

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